Global Medical Transcription Software Market by Type (Voice Capture and Voice Recognition), By Deployment (Cloud / Web Based and Installed / On-Premises), By End-User (Hospitals, Diagnostic Centers, and Clinics) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

The global medical transcription software market size is expected to be worth around USD 190.2 billion by 2032 from USD 77.8 billion in 2022, growing at a CAGR of 9.60% during the forecast period from 2023 to 2032.

Medical transcription is the journal processing of voice reports influenced by physicians and other healthcare professionals into text formats. Healthcare facilities, hospitals, and other physicians choose medical transcription. As a result of technological advancements to optimize operational effectiveness, reduce capital investment, and enhance patient care quality.

The software typically includes several features to make the transcription process easier. Such as automatic grammar checks, text formatting tools, and templates for standard medical reports. A physician discusses this transcribe for treatment decisions and future reference. As a result, it is critical importance to generate this transcription with higher accuracy.

Additionally, the growing adoption of these solutions by small and medium size healthcare organizations also promotes market growth. Medical transcription software can be used to create both paper-based and electronic records. The growing implementation of technologies and inventions in medical care to enhance therapy results and clinical documentation.

The shift towards voice recognition is bound to have quicker outcomes than regular strategies, which will improve the possibilities of this market in the upcoming years. Extending the amount in the medical services area is the critical factor for driving the business of the medical transcription software industry.

Market Scope

Type Analysis

The voice recognition segment is dominated in the medical transcription software market

Based on type, the market of medical transcription software is segmented into types Voice capture and Voice Recognition. Among these types, the Voice recognition section is predicted to report the dominant revenue in this market throughout the forecast period. Voice recognition technology solutions are accomplished in real-time speech-to-text with the help of Natural Language Processing Algorithms. Such an advanced benefit allows the physician to lower documentation time.

The increasing adoption of new technology and government initiatives are propelling the growth of the voice recognition segment This is attributed to the various uses, such as higher accuracy, lower cost, and more flexibility. Voice capture is predicted to hold a substantial market share in the developing region. Active marketing strategies invented by the key companies operating in the type of voice capture technologies predicted to manage the capture segment.

By Deployment Analysis

Cloud/Web based segment grow the highest CAGR during the forecast period

Based on deployment, the market can be segmented into cloud web-based and installed on-premises. The cloud web-based section is anticipated to have the primary medical transcription software market share due to the deployment of cloud web-based software. As such, the cloud web-based deployment mode held the majority of market share growth.

It is also estimated leading segment in the market throughout the forecast period. However, the same area is anticipated to manifest the highest CAGR of 9.61% from 2023 to 2032. Due to an increase in the selection of cloud-based software by different healthcare and the accessibility of cloud-based software in the market by various players. The speech recognition section to maintain its leadership status around the forecast period.

End-User Analysis

The hospital’s segment accounted for the highest market share

The global market can be sectioned into hospitals, clinics, diagnostic centers, and others based on end-user facilities. In the condition of an end-user facility, the hospital section is expected to extend at the strongest CAGR. This is particularly due to the growing demand for advanced healthcare facilities and a rise in the significance of clinical documentation across the globe.

This can be authorized to factors such as growth in hospital admissions, particularly for chronic diseases that demand several medical transcriptionists. Hospitals and clinics sectioned considered the largest share during the forecast period, due to an addition in the authorization of medical transcription software by hospitals along with clinics to transcribe patient notes by voice transcription. Health systems consider to the significant revenue during the forecast period.

Key Market Segments

Based on Type

• Voice Capture
• Voice Recognition

Based on Deployment

• Cloud / Web Based
• Installed on Premises

Based on End-User

• Diagnostic Centres
• Hospitals
• Clinics
• Others

Drivers

Growing Importance of Clinical Documentation in Healthcare to Boost Market Growth

One of the leading drivers for the global medical transcription software market is enhanced acknowledgment of clinical documentation to provide quality patient care. HITECH act in the United States and other legislatures are increasing the selection of HER/EMRs in the developing market. The number of patients and complications in medical cases is increasing the demand for medical transcription services.

The increase in the regularity of various chronic illnesses, including cardiovascular devices, diabetes, and melanoma, has constantly improved the number of medical records created in clinics. The increasing knowledge among businesses about protecting data in electronic health records is considerably impacting the industry worldwide. Expanding expenditure on the medical services area is the key factor for driving the growth of the medical transcription software market growth.

Technological Advancement in Transcription Software to Propel Market

Some of the key drivers include technological advancement, including voice recognition, machine learning, and artificial intelligence, which are being extensively used in healthcare technologies for enhancement and clinical documentation.

With an increment priority for digital documentation in healthcare, these factors are predicted to contribute to the rise in market growth. In addition to the aforementioned factors, the report encompasses several factors that have driven the market growth in recent years.

Restraints

Low Software Adoption and Risks of Software Attack to Hamper Market Growth

Although, the substantial advantages related to medical transcription software analytical factors are limited to the market growth. The restarting factors include the problem of cybersecurity, lack of healthcare, and the issues relating the software selection as workforce training.

For example, the study conducted by the Health and Human Services Office of the Inspector General estimated a, 60% of hospitals in the US experienced EHR data security at some point in time. The efficient selection of this software is limited due to reasons such as training complications, and problems with accents.

Primary healthcare IT spreads awareness about the section of this software and the active contribution of healthcare facilities. The increasing need of documentation is the major factor driving the medical transcription market growth.

Opportunity

Expansion and Acquisition activities offer Lucrative Growth Opportunities

The industry’s current and future market outlook concerning recent development involves growth opportunities and challenges. Market dynamic scenario and growth opportunities of the market in the years to come 6-month post-sales analyst support. However, rapid urbanization, numerous benefits offered by electronic records, and the introduction of high-end technologies facilitate market growth.

Trends

Rising Need for Digital Documentation to Drive Market Growth

One of the most analytical industry trends is the enhancement need for digital documentation. Across several globes of healthcare as they contribute to the ease of management and treatment and severe and chronic diseases.

In the present, healthcare services and technologies and transforming from traditional engines to data determine technologies that can predict future possibilities based on medical information. Currently, there has been a more significant transition from traditional transcription techniques to more complicated methods of medical transcription software.

COVID-19 Impact Analysis

Positive Boost in the Global Market Aimed COVID-19 Pandemic

The COVID-19 Pandemic enhanced market expansion due to increased approval of digital health technology such as Telemedicine. It has had a positive impact on the global medical transcription software market. In addition, the Pandemic has increased the acknowledgment of digital health technologies, which are dominant in using solutions such as medical transcription software.

The launches of new products and facilities by key players across the COVID-19 period positively affected the growth of the medical transcription software market. Thus an increase in the approval of medical transcription software for medical documentation of COVID-19 patients expands the development of medical transcription software market growth.

Beside communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. In April, Nuance Communications Inc. declared the Nuance Dragon Ambient experience solutions for telehealth in response to the intense increase in virtual visit caused by the COVID-19 pandemic.

Regional Analysis

North America Shows Lucrative Growth Opportunities for Market Players

Regarding the region, the global market can be sectioned into North America, Europe, APAC, South America & MEA. The North America market was the most dominant and led to the largest revenue share of 35.0%. The attributable to the increasing demand for documentation, emphasis on maintaining patient information in a structured format, and regulations imposed by government authorities.

Eastern Europe is predicted to schedule substantial expansion during the forecast period due to an increase in the approval of cloud and voice recognition technologies in healthcare. Moreover, a higher significance on the utilization of advanced technologies to update clinical overflow and documentation in major countries such as the UK and France is likely to increase the growth of the European market.

The Asia-Pacific region is anticipated to register the highest CAGR due to increased awareness of clinical documentation. The rest of the world segment is expected to register positive growth in the forecast period, due to amendments in healthcare infrastructure in regions.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America

• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

The global medical transcription software market is highly extending, with the top three prominent players dominating a considerable market share. The growing trend towards outsourcing medical transcription services is increasing the demand for medical transcription software. Immediate technological advancements enable new features and capabilities in medical transcription software, helping fuel market growth.

Some major players operating in the market are Nuance Communications Inc., Dolbey, Global Medical Transcription, DeepScribe, and others. A vital significance of strategic collaboration along with end users and developing innovative products are critical development taken by companies to strengthen their market position. Nuance Communications Inc. is one of the market-dominant suppliers of a wide range of products.

One of the leading players in healthcare technologies completed the achievement of MModal IP LLP, intending to expand its revenue cycle management and clinical documentation portfolio with the help of speech recognition technology.

Recent Developments

• October 2021- VIQ, Solutions, Inc. announced the commercial launch of NetScribe for transcription agencies across the UK and Canada. VIQ’s transcription overflow automation solutions, powered by artificial intelligence enable efficiency and productivity globally.
• February 2021– MModal’s technology division offers cloud-based conversational artificial intelligence-powered tools that help 3M’s Health Information Systems division extend its capabilities.

Below are some of the most prominent Medical Transcription Software Market industry players.

Market Key Players:

• Nuance Communication Inc.
• Dolbey
• Acusis LLC
• MModal IP LLC
• Voice brook Inc.
• Xelex Digital LLC
• N Thrive Inc.
• Scribe Technology Solutions
• ZyDoc Medical Transcription
• Speech Processing Solutions GmbH
• Global Medical Transcription LLC
• DeepScribe
• Percyse Solutions LLC
• Nuance Communication, Inc.
• Other Key Players

 Report Scope